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Living Trusts and Wills

Living Trusts and Wills are legal documents that enable you to state your wishes regarding your family and property. Wills only take effect upon death. Trusts can become effective during your lifetime. The type of trust created during your life is commonly referred to as a "Living Trust."

WILLS
A Will is a legal document containing instructions for the disposition of one's assets after death. The individual named as the executor in the Will uses these instructions to carry out the decedent's wishes by going through the court process called Probate. The executor is able to transfer property out of the decedent's name by the authority of the Probate Court. This procedure can be very technical and time consuming. Additionally the contents of the Will are made part of the public record. There can be reasons to go through this court process, however there are several Will alternatives.

Functions of a Will:

• Designation of an Executor
• Designation of a Guardian for minor children
• Expression of desires regarding burial and memorial services

TRUSTS
Trusts can also direct how a person's property will be disposed of upon that person's death. Instead of going through the Probate Court, the Trust document serves as instructions as to how and when property will be transferred. By making explicit instructions in your trust, you are granting your Trustee the authority to transfer your property to others upon your death without court approval. A trust can also make use of certain favorable provisions of Internal Revenue Code.

Functions of a Trust:

• Retains more control over your estate
• Reduces Estate Taxes and Probate Fees
• Ability to delegate management of property during your lifetime
• Reduces the necessity of a Conservatorship proceeding
• Possible protection from creditors